The Daily Background

The other day I wrote about the astounding profits that Shell oil reported making over the last quarter. Their profits, while not breaking the previous record by ExxonMobil, was still absurdly high, at a profit of $3 million every hour. Well, now another huge oil corporation, Chevron, has posted their profits for the last quarter, and Wall Street is somewhat disappointed:

Chevron’s record profit’s amazingly couldn’t satisfy Wall Street’s expectation’s as their just reported $4.35 billion second quarter earnings sent shares tumbling. I suppose profits 18% higher than last quarter which capped off the most profitable three-month period in Chevron’s 127 year history just doesn’t cut it in this hyper-active greed cycle energy investors are in. Revenues for this period were $53.5 billion.

“It was still like they were printing money. They just weren’t printing as much as everybody thought,” said industry analyst Fadel Gheit of Oppenheimer and Company”.

Poor guys. Even while subsidized using our tax money, they aren’t able to pull of record-breaking profits that are high enough.

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